This is Deel’s first acquisition since the company raised $ 156 million in Series C
SAN FRANCISCO, August 04, 2021– (BUSINESS WIRE) – Deel, the market leader in the global payroll and compliance space, announced today that it has joined forces with Zeitgold to drive international growth and enhance the depth and breadth of its product offerings. This acquisition marks a significant milestone for Deel as the company continues to grow, adding thousands of clients as working and hiring practices continue to rapidly transform. Deel is adding a full line of products through this acquisition to further enhance its customers’ experience and provide them with the right solutions to scale internationally.
Deel enables companies to hire anyone, anywhere, and in compliance. With Deel, it takes less than 5 minutes to hire and onboard international employees or contractors, without the need for a local entity. Additionally, businesses can pay their teams in over 120 currencies with a single click. In April 2021, Deel raised $ 156 million in Series C funds with a valuation of $ 1.25 billion. With its new funding, Deel announced plans to continue international expansion, develop its team through mergers and acquisitions, hire exceptional talent globally, and in turn enhance, build and expand its product offering. The Zeitgold purchase marks the first step in the company’s extensive M&A plans and strengthens its global payroll offering.
Zeitgold was founded in 2015 by Jan Deepen and Stefan Jeschonnek, co-founders of SumUp, the European fintech (financial technology) unicorn, and Kobi Eldar, a former senior intelligence director of the prestigious Israeli unit 8200. Zeitgold has raised more than $ 60 million from leading venture capital firms such as Battery Ventures, Vintage Investment Partners, HV Holtzbrinck Ventures, insurer AXA and Deutsche Bank. All existing Zeitgold investors will now join Deel as shareholders.
Zeitgold offers automated accounting and payroll software powered by Artificial Intelligence (AI) for businesses and contractors. The contractor product helps thousands of independent contractors with setup, accounting, and tax filing. Zeitgold’s highly qualified team and impressive track record have made it a jewel of the German technology industry. With this purchase, Deel brings senior leadership to their ranks and gains experience from the Zeitgold team in global payroll, automation and AI. Additionally, the deal offers valuable IP in global payroll processing based on a powerful workflow engine and document understanding AI stack that Deel will leverage to scale to serve hundreds of thousands of customers.
“With the addition of Zeitgold, we will grow even faster and strengthen our leadership in Europe,” said Alex Bouaziz, CEO of Deel. “We will leverage Zeitgold’s best-in-class engine into the core of our platform to help Deel supercharge its product offerings.”
“By joining forces with Deel, we can leverage our core technology and products on a global scale,” said Jan Deepen, CEO of Zeitgold. “The new capabilities we will bring to Deel will enable contractors and employees around the world to comply with standards and handle their payroll with confidence, and in turn will continue to help reduce hiring barriers globally.”
MIT (Massachusetts Institute of Technology) alumni Bouaziz and Wang co-founded Deel in 2018. The founders set out to solve a problem most companies around the world found overwhelming: the ability to easily hire people from anywhere. In the last 12 months, the company grew by more than 1000% in revenue to support more than 3000 companies around the world. It has plans to establish 100 new Deel-owned entities around the world by the end of 2021. With the acquisition of Zeitgold, Deel plans to roll out this offering in all countries where it operates, by overcoming hiring hurdles around the world.
Deel is a global payroll and compliance solution that helps companies hire anyone, anywhere. With a technology-enabled self-service process, companies can now hire independent contractors and full-time employees in more than 150 countries, compliantly and in minutes. Deel enables any business to create, sign, and submit localized contracts from a template library. Deel automates the process of gathering country-specific documents, such as tax, contractor and employee documents, to ensure they are set up to work correctly. The platform also enables companies to pay international contractors and employees in more than 120 currencies with just a few clicks. Learn more about Deel here.
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